EOSBTC 6 hour chart, history repeating itself here?
Updated
Dear whoever you may be stumbling on this analysis.
I do like to share more and more from my chart analysis as I my confidence grows looking back to some unpublished TA's I have done. Most of them are pretty damn good, but why and how is so much harder than just getting it right.
I like reading patterns. I also enjoy seeing masterminds publishing their ideas. There's so much to learn and in so many ways to analys the market. What I do know for sure is:
A. Understand the method you are using in depth before trusting it fully
B. Everything repeats itself eventually
C. Trust your instinct
D. Don't forget that the majority of traders most probably has come to the same conclusion as you, hence RES / SUP
So, explaining my fort this chart is easy. I am using Fib Retr, Volumes, MACD and trend lines WITH a glance to the past. I started with using a lower trend line and then followed up with the most recent H/L for a Fib Retr. Looks pretty good so far, support and resistance in accordance with Fib. So now what? What is the purpose of this? As you may see my previous buy area, I am interested in seeing when I should be buying next time? So I started looking back, the history of EOS and sure enough I personally think and see a repeating pattern. The lines, the volumes and the MACD. Can it be as simple as this? Why not? If I am right, most probably the more experienced traders already have this figured out and they are just letting the market do what it's suppose to do.
Conclusion:
I am setting a buy limit where the price crosses lower trend line, major support line at 0.5 fib and also combining this with previous similar pattern (yellow triangles).
What do you guys think? Love to get some feedback. Cheers
Ps. Screen shot of my new buy in area.
I do like to share more and more from my chart analysis as I my confidence grows looking back to some unpublished TA's I have done. Most of them are pretty damn good, but why and how is so much harder than just getting it right.
I like reading patterns. I also enjoy seeing masterminds publishing their ideas. There's so much to learn and in so many ways to analys the market. What I do know for sure is:
A. Understand the method you are using in depth before trusting it fully
B. Everything repeats itself eventually
C. Trust your instinct
D. Don't forget that the majority of traders most probably has come to the same conclusion as you, hence RES / SUP
So, explaining my fort this chart is easy. I am using Fib Retr, Volumes, MACD and trend lines WITH a glance to the past. I started with using a lower trend line and then followed up with the most recent H/L for a Fib Retr. Looks pretty good so far, support and resistance in accordance with Fib. So now what? What is the purpose of this? As you may see my previous buy area, I am interested in seeing when I should be buying next time? So I started looking back, the history of EOS and sure enough I personally think and see a repeating pattern. The lines, the volumes and the MACD. Can it be as simple as this? Why not? If I am right, most probably the more experienced traders already have this figured out and they are just letting the market do what it's suppose to do.
Conclusion:
I am setting a buy limit where the price crosses lower trend line, major support line at 0.5 fib and also combining this with previous similar pattern (yellow triangles).
What do you guys think? Love to get some feedback. Cheers
Ps. Screen shot of my new buy in area.
Trade closed: target reached
I will close this one and update with a new interesting EOS idea, based on triangle and bull flag formation.
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